BY THE NUMBERS
* Why the market may be wrong about the Fed and interest rates (CNBC)
* Japan’s Nikkei 225 jumps 3% as Asia-Pacific stocks bounce back (CNBC)
The 10-year Treasury yield has bounced around since last week’s Fed-driven spike and Monday’s brief dip to February lows. The 10-year yield ticked lower Tuesday to around 1.47%. Fed Chairman Jerome Powell goes before a House panel in the afternoon, and investors will be looking for more clues on policymakers’ inflation outlook boost and indications of two rate increases in 2023. (CNBC)
In prepared testimony, Powell said the economy is growing but faces continued threats from the Covid pandemic. He also noted that inflation has risen notably but repeated price pressures will be transitory. The Fed has kept short-term lending rates anchored near zero, while buying at least $120 billion of bonds each month. (CNBC)
On today’s economic calendar, the National Association of Realtors releases existing home sales for May at 10 a.m. ET, with economists looking for a 2.1% drop to an annual rate of 5.73 million units. Existing home sales had fallen 2.7% in April. (CNBC)
IN THE NEWS TODAY
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